Sri Kewal Chand Bagri v. CIT

183 ITR 207Reported decision#19611 most cited
4

judgments rely on this decision, according to BharatTax’s citation analysis of 358,219 Indian tax judgments — from 2016 to 2020.

Judgments citing Sri Kewal Chand Bagri v. CIT

DCIT, Central Circle - 2(1), Kolkata vs. M/S. Paharpur Cooling Towers Ltd., Kolkata

ITA 219/KOL/2018[2013-14]Status: DisposedITAT Kolkata28 Feb 2020AY 2013-14

Bench: Shri S.S.Godara & Dr. A.L.Saini

Section 143(3)Section 144C(3)Section 14ASection 154Section 43B

…to tax by the Assessing Officer did not represent the income which had really accrued to the assessee-company during the relevant previous years.” 7. Applying the same ratio, the jurisdictional Calcutta High Court in the case of Sri Kewal Chand Bagri Vs CIT (183 ITR 207); had held as follows: "The mercantile system of accounting is relevant only to determine the point of time at which tax liability is attracted and whether the income has accrued or not. It cannot be relied on to determine whether the income has, in fact, resulted or materialised in favor of the assessee. In the instant case, it was true that the…

DCIT, Central Circle - 2(1), Kolkata vs. M/S. Paharpur Cooling Towers Ltd., Kolkata

ITA 218/KOL/2018[2012-13]Status: DisposedITAT Kolkata28 Feb 2020AY 2012-13

Bench: Shri S.S.Godara & Dr. A.L.Saini

Section 143(3)Section 144C(3)Section 14ASection 154Section 43B

…to tax by the Assessing Officer did not represent the income which had really accrued to the assessee-company during the relevant previous years.” 7. Applying the same ratio, the jurisdictional Calcutta High Court in the case of Sri Kewal Chand Bagri Vs CIT (183 ITR 207); had held as follows: "The mercantile system of accounting is relevant only to determine the point of time at which tax liability is attracted and whether the income has accrued or not. It cannot be relied on to determine whether the income has, in fact, resulted or materialised in favor of the assessee. In the instant case, it was true that the…

DCIT, Central Circle - 2(1), Kolkata vs. M/S. Paharpur Cooling Towers Ltd., Kolkata

ITA 217/KOL/2018[2011-12]Status: DisposedITAT Kolkata28 Feb 2020AY 2011-12

Bench: Shri S.S.Godara & Dr. A.L.Saini

Section 143(3)Section 144C(3)Section 14ASection 154Section 43B

…to tax by the Assessing Officer did not represent the income which had really accrued to the assessee-company during the relevant previous years.” 7. Applying the same ratio, the jurisdictional Calcutta High Court in the case of Sri Kewal Chand Bagri Vs CIT (183 ITR 207); had held as follows: "The mercantile system of accounting is relevant only to determine the point of time at which tax liability is attracted and whether the income has accrued or not. It cannot be relied on to determine whether the income has, in fact, resulted or materialised in favor of the assessee. In the instant case, it was true that the…

Universal Industrial Fund Ltd., Kolkata vs. DCIT, C Ircle- 6, Kolkata

In the result, assessee’s appeal stands partly allowed

ITA 1838/KOL/2010[2007-08]Status: DisposedITAT Kolkata27 May 2016AY 2007-08

Bench: Shri Waseem Ahmed & Shri S.S.Viswanethra Raviassessment Year :2007-08

Section 115JSection 143(3)Section 14A

…l thus appreciate that the Supreme Court has thus repeatedly held that the subject matter of taxation is not hypothetical income but real income. The same principle was laid down by the Hon'ble Calcutta high Court in the case of Sri Kewal Chand Bang vs. CIT [183 ITR 207]. The Hon'ble Calcutta High Curt further held that when no interest was in fact charged by the assessee the AO could not presume accrual of income in absence of evidence indicating that the interest was actually charged. The same principle has also been laid down in the decision of the Madras High Court in the case of CIT v. Motor Credit Co. Pvt.…